Document suggesting Saudi Aramco is launching “White Rock Oil Tokenization on the XRPL” falls apart under scrutiny.
The XRP ecosystem has seen a strong wave of positive activity lately, with several major developments grabbing headlines. However, as excitement grows, so does the spread of misinformation. Notably, some individuals have taken advantage of the current momentum to push false reports.
A Fake Name and a Misappropriated Signature
One recent example is a fake document that has made the rounds online. It claims Saudi Aramco, Saudi Arabia’s state-owned oil giant, is working with White Network to tokenize oil using the XRP Ledger. The document also claims a Saudi official signed off on the project, making it seem like a major government-backed initiative.
However, this claim quickly falls apart when you take a closer look. The name on the document, “Sheikh Abdullah bin Khalid Al-Falih,” does not match any known Saudi official.
The closest match is Khalid bin Abdulaziz Al-Falih, who currently serves as Saudi Arabia’s Minister of Investment and was previously the Minister of Energy. However, even this similarity fails to lend credibility to the document.
What makes the forgery even more apparent is the fact that the signature on the document, purportedly linked to this fictional “Sheikh Abdullah bin Khalid Al-Falih,” has been identified as belonging to Mahtab Keramati, a well-known Iranian actress.
Saudi Aramco and WhiteRock Have Failed to Confirm the Report
Moreover, Saudi Aramco has not made any disclosures or hinted at a project involving blockchain or tokenizing oil. The company continues to focus on its core areas, like bond sales and international energy deals.
Although Aramco did team up with Japan’s SBI Group, a prominent Ripple partner, in 2023 to explore digital asset investments, that partnership did not involve XRP or the XRP Ledger and had nothing to do with oil.
Further, while WhiteRock is involved in the XRPL, it has not released any statements around oil tokenization. For context, in March 2025, WhiteRock launched its platform on the XRP Ledger mainnet, allowing institutions to trade tokenized securities like stocks and bonds.
Interestingly, the platform already manages over $71 million in assets, settling trades in just a few seconds. However, none of that has anything to do with oil or Saudi Aramco.
Bullish Developments Around the XRP Ecosystem
The recent false reports come amid impressive progress around the XRP ecosystem. For one, the Dubai Land Department recently chose the XRP Ledger for a new real estate tokenization project.
In addition, VivoPower, a Nasdaq-listed company, raised $121 million in a private deal to create an XRP reserve, with backing from a Saudi prince. Most recently, Chinese AI mobility company Webus also revealed plans to raise $300 million for a similar XRP reserve.
However, despite all the momentum, XRP’s price hasn’t reacted much. The strong fundamentals and real-world use cases have not yet translated into gains in the market. Investors continue to wait for the price to catch up with the growing activity behind the scenes.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
